Hey! Ok first you need to get with an attorney or cpa to find out what works best for your situation. I’m not an attorney/cpa but I am a notary tax preparer and because now we are friends (wink) lol I’ll share some information with you.
First you can choose to be a sole proprietor or choose to be a single member LLC. There are pros and cons to each. Sole proprietorship is the easiest one, you can still deduct your expenses and your notarial acts that are exempt from self employment tax. The con is that you are responsible for all of the liability. That is the same with a DBA. A DBA stands for doing business as, all it does is give you a name if you don’t wanna use your own name and it only works county wise. so I’m here in San Antonio Texas and bexar county registers DBAs for 10 years (last I checked) which means you need to re apply.
If you were an LLC there is a certain level of liability protection. There is no income requirement to do an LLC. I wasn’t even a loan signing agent yet when I registered for my LLC, maybe I was too excited I don’t know lol
Now a scorp is different, that is not a legal entity that is a tax structure. There are certain requirements you to have before you elect to be an s corp. A S-corp gives you the ability to save money on taxes by not having to pay self employment taxes on your profits but you have to pay yourself a reasonable salary. if you don’t know what a reasonable is for what you do and in your area your going to have to do the research. for example you can not be a doctor and pay yourself mcdonald’s cashier salary. so you want to be making some kind of consistent money ,not only that but s corp tax deadlines are different from everyone else and you have to fill out different paperwork and you have to put yourself on payroll. I know this because I myself am a single member LLC taxed as an S corp. I hope this helps. if you have any questions feel free to reach out. talking about it is way better than typing lol